SWAMI SAMARTH TAX CONSULTANT PVT. LTD.

“Pune Based, Best Income Tax Consultant for
our respected Indian Defence Officer's”
(Tax Returns, Investments, etc...)

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FAQ


Que 1.I am an Army officer receiving Salary from PCDA (o), Pune and Income Tax is     deducting correctly from my salary, I am not going to get any refund. Then why should I file the return with ITO?

Ans:-Every individual whose total income before allowing deductions under chapter-VI-A of the Income tax Act, exceeds the maximum amount which is not chargeable to income tax is obligated to furnish his return of income with his Income Tax Officer. In your case eg. ITO, GHQ, Pune-411 001.

Que2.I am posted in Hissar and IT return is filed with ITO,Hissar as I am having all over India PAN. Can I file the return any where in India?

Ans:- No. For all Serving Army officers have to file their Income Tax Returns with ITO, GHQ, Pune-411001. Income Tax Authority has opened separate Income Tax Office for the serving Army officers, which is ITO, GHQ, 2 nd Floor, PCDA (o) Bldg, Golibar Maidan, Pune-411 001.

Que 3. I am recently retired from Army, and I want to file the returns in future through you in Pune. Is it possible?

Ans:- No. ITO, GHQ, Pune is only for serving Army officer who have been paid by the PCDA (o), Pune. Therefore, you will have to file the return with your local ITO, where you are settelled.

Que 4. I retired from Army and I am re-employed with Army. Should I continue to file the return with ITO, GHQ, Pune and what all documents are required?

Ans:- Yes. Your jurisdiction comes under ITO, GHQ, Pune only till you are not retired finally from the Army. In your
case you will have to obtain the pension certificate from the bank bank as the same is taxable and you will have to pay the Income tax on the pension also.
(a)Form 16 from PCDA (o), Pune
(b)Pension certificate from bank
(c)Form-16A as TDS certificate from bank on a/c of FD interest received by you on your retirement benefits etc.
(d)Any proof of savings etc.

Que 5. I retired from Army and I am receiving “Disability Pension”. I heard that it is Tax free.

Ans:-Yes. Disability pension (Service elements as well as disability elements) of a disabled officer of the Indian Armed Forces is totally tax free for which please ref circular issued by the Govt of India, Min of Finance. (Write/send email for the copy of the same) F.No.200/51/99-ITA-1 Govt of India, Min of Finance, New Delhi Dated 2 nd July 2001

Que 6. I am posted at High Alttittude area where I am receiving HAUCA/CCA etc. Is it taxable?

Ans:- No. These allowances are totally tax free and PCDA (o) gives these in Sr No.2 in Form-16 as exempt allowances u/s 10.

Que 7. I have filed return through your organization in June-July before 31 st of July. When should I get the refund?

Ans:-As per IT rule IT return filed by us on behalf of you in time will be processed by the ITO chronologically anytime with in 2 years. You can check the refund status while going to our link or go to the www.incometaxindis.gov.in “Status of Refund” Feed your PAN & AY. You will get the result of your refund if it is processed by the ITO.

Que 8.I have sent the provisional Housing loan certificate to PCDA (o) Pune in time. However, it is not considered and my tax is deducted from my salary. What should I do now?

Ans:-To allow you rebate on a/c of housing loan interest repayment in advance from your salary. You will have to send the following documents to your Sr.AO, LW Sn of PCDA(o), Pune on or before 31 st of December every year. So that it will be considered in time and your carry home salary will increase.
(a)Proof of date of disbursement of loan.
(b)Proof of date of possession/completion/handing taking over certificate.
(c)Current year provisional certificate which shows break up of principal and interest.
(d)Status of house “Vacant/Self Occupied/Rented”

Que 9.I am posted in filed and my family is staying at ……………, I am claiming HRA/HRR, however PCDA (o), Pune is deducting Income tax from that. I heard that HRA/HRR is tax free.

Ans:-HRA/HRR is not 100% tax free there is formula for the computation of the same and some part is exempt u/s 10 (13A). For detail calculations pl visit www.incometaxindia.gov.in go to section 10 (13A). Also see the Sr No.2 of your Form-16 HRA/HRR non-taxable where PCDA (o) allows you this exemption, If you send the following papers to Sr AO of LW Sn of PCDA (o),Pune they will allow you this rebate in advance. Actual rent paid receipts etc. It is 100% taxable if you are staying in your own house, or not actually paying the rent eg. staying with your parents/Father-in-law etc.
If you are having house in the same city then again it is 100% taxable.

Que 10. I am going to purchase house for which I have gone for the housing loan with AGIF,HDFC, LIC,HDFC, Nationalized Banks. My EMI is started/I am paying Pre-EMI’s. I am going to get the possession in next year. However this year I have paid interest to Bank. Can I claim the rebate on repayment of these interest paid by me before possession?

Ans:- As per Income Tax rule you can not claim the rebate on repayment of housing loan pre-Emi/Emi interest, if you don’t have possession or completion of the house. Whatever pre-Emi/Emi interest paid by you before possession will have to be claimed after possession in initial 5 years 20% every year with regular interest.

Que 11.I am having already one house for which I am paying the EMI’s. However I want to go for another house while going for housing loan. Am I entitle for IT rebate on repayment of interest and principal for both the house?

Ans:- Yes. You can have a No. of houses with housing loans there is no objection from the Income tax authority. Only thing is that you cannot claim the interest while showing all the house properties are vacant or self occupied. You will have to show one of them as notionally rented, if it is not actually rented and will have to offer for taxation.  Rent received by you will be adjusted against the interest paid by you to the bankers as well as 30% std deduction of rent received as repaire. If rent is less and interest is more in that case there will be negative income from house property and it will be minused from your salary. If rent is more and interest is less in such cases there will be plus income from your house property and it will be added in your salary and you will have to pay the income tax.

Que 12. I am having 2 house properties for which I am paying housing loans. One house is” Self Occupied” and another one is occupied by my parents/Vacant. Am I going to get the rebate on these 2 houses as maximum rebate allowed of Rs.150000/- each or what?

Ans:- Ref above answer in such cases choise is yours which is to be shown as Vacant or Self occupied. Second house you will have to show as “Notionally Rented” and actual interest paid by you will be minused from the rent shown or received after allowing 30% of std deduction rent received as repaire.

Que 13.I own house on my name which is rented and I am accepting rent through cheque on my wife’s name and not showing in my IT return as income from house property as I am not receiving rent on my name. Is it correct?

Ans:- House is totally on your name therefore, rent received on your wife’s name will not be treated as her income it will be treated as your income and you will have to show the same as income from house property and will have to pay the income tax.

Que 14. I have purchase Flat which is registered as well as handover to me also. I have taken housing loan for the same and my EMI’s have already been started. I want to get the rebate in Advance from my salary so that less Income tax can be deducted and my carry home salary will increase. What should I do for the same?

Ans:- please refer answer of Question Sr No. 8

Que 15. I have purchased “Plot” with having loan from bank. Am I entitle for the rebate on repayment of interest on this loan?

Ans:-As per IT rule there is no rebate for repayment of loan interest as well as principal which is obtained for purchase of “Plot”. However, if you construct the house on it then it will be treated as residential unit and after possession/completion of the house on the plot you can claim the rebate.

Que 16.I am receiving rent from my house and I am not paying any housing loan interest etc. In such case should I pay advance tax on rent? If so when and how?

Ans:- You will minus 30% rent as repaire as std deduction. And on balance rent you will have to pay the income tax in
advance as per your tax bracket.  Advance taxes to be paid in 3 instalmentseg. 15 th of Sept 30%, 15 th of Dec 30% and
balance on 15 th of March every year to avoid interest on demand as penalty.

Que 17. I am having FD’ on my name and I am receiving interest more than Rs.10000/- per year? should I give the Form-15G/15H to bank for not to deduct the income tax?

Ans:-15G/15H is the declaration stating that my income is below taxable. In your case your income is taxable therefore, you should not give the 15G/15H to bankers for non deduction of income tax. Banker will deduct 10% Income Tax from the interest and balance tax you will have to pay yourself in advance or before filing the Income tax return with IT authority.

Que 18. I retired and settled at………………… It is checked from the site of income tax Dept that my refund cheque has been sent and it has gone back or cheque received by me is very late due to change of address (Which is outdated now). What should I do now?

Ans:- You will return the original cheque to the Banker. And you will write the letter addressed to The Income tax Officer, GHQ, ITO, Pune-411 037, stating that now you are retired/posted at …………….. My present address is as under, my present banker is as under (send blank cancelled cheque Xerox) and you will request to the ITO, to resend the refund cheque to your new address. It will take more time to get you the refund cheque as some refund cheques have been “Blocked by Oltas” which has to be unblocked by the higher authority of the IT Dept.

Que 19.I have purchased Plot/flat in 2007, I hold the same more than 3 years (36 months) and now I want to sell the same. I want to go for another house. What are the implications of Long Term Capital Gains.?

Ans:-This will attract Long Term Capital Gain as you have hold this property more than 3 years eg. More than 36 months.
As per index Long Term Capital gain will be worked out.  For computing long term capital gain, cost of acquisition and cost of improvement may be indexed, if required, on the basis of cost of inflation index notified by the Central Government for this purpose. Govt. has laid down the year 1980 as Base Line where Index cost of property is Rs.100/- through Govt. Valuer the cost of property in 1980 should be ascertained. As in Financial Year 2011-12 Govt has notified index cost of Rs.785/- Capital Gain tax will be for the difference between both index cost.For Example :-
(a)In 1980Cost is Rs.100/-
(b)In 2011-12Cost isRs.785/-
(c)Sold forRs.1000/-
(d)Therefore, capital Gain will be Rs.1000/- (-) Rs.785/- = Rs.215/-
 (B) Options on Receipt of Capital Gains:-
(i) Pay Long Term Capital Gain Tax, which is 20% of the Capital Gain Tax plus 3% EC calculated as per Para 6 above, within 6 months (180 days) of receipt of Capital Gain.
(ii)Re-invest in residential unit (Flat,Bunglow) within two years.
(iii)Re-invest in purchase of plot and construct house/Bunglow within three years.
(iv)Re-invest within 6 months (180 days) of receipt of Capital Gain, in Bonds of NHAI and/ or Rural Electrical Corporation (REC) for three years.
(v)Re-invest in property purchased or in process of purchasing within past one year.
(vi)Incase any of the above options do not get exercised within 6 months (180 days), then the Capital Gain cannot continue to remain in savings account. Then the Capital Gain has to be put in a newly opened “Capital Gain Account” in any of the Nationalized banks till option at para “B” are exercised.
(C) If property is sold within 36 months in such cases Short Term Capital Gain Tax will attract and it will be added in your income on which you will have to pay the Income Tax as per your Taxablebracket eg.30% or so plus 3% Education cess.

Que 20. I have purchased house which is hold by me less than 36 months (3 years) and want to sell the same and want to go for another house. I have taken housing loan also and I am repaying the same. What will be the tax implications?

Ans:- As the transaction of this is less than 3 years (36 months) In such case it will attract Short Term Capital Gain and straight way the Short Term Capital Gain (eg. Sale price minus purchase price) will be added in your salary and you will have to pay the income tax as per the your tax bracket. Whatever interest exemption you have enjoyed in earlier years also will be not allowed to you by the IT authority. Please Note.

Que 21. I am going to retired from Army. I am required to obtain “No Demand Certificate” from ITO, GHQ,Pune, Kindly advise.

Ans:- You will have to write a letter addressed to The ITO, GHQ,Pune for issue of “NDC”. You will write your date of retirement as well as your retirement address . You will attach minimum last 3 years copies of Acknowledgements or Assessment orders. And will request to issue the “NDC” as per AO 79/76.

Que 22. I want to go for Registration for Tax credit statement (26AS) or Annual Tax Statement (26AS)

Ans:- Please refer to www.incometaxindia.gov.in or you can register yourself with www.tin.nsdl.com for Annual Tax statement (26AS)

Que 23. I have to file the returns however I have not received Form-16 for last 2 years from PCDA (o),Pune.

Ans:- You can go to the site of PCDA (o) Pune get the Form-16 downloaded from the site and send it to us through email also. In this please ref our circular and information sheet as well as ITR-1 Sahaj (pdf files). Send the ITR-1 Sahaj duly signed only with other papers. Such as “Information sheet “ duly filled with Form-16 and proof of savings eg.LIC/NSC/PPF, Housing loan certificate etc. Form-16 A TDS certificate of interest on FD’setc. with copy of Annual Tax Statement(26AS).
 
Que 24. I have not filed the returns till date. I received the Notice u/s 142 (1) ofthe IT Act 1961 from the ITO. I want to submit the returns through you what isthe procedure?
Ans :-Please inform your unitaddress so that circular, information sheet and IT return Forms can be sent toyou by post. Or visit our Web Page www.sstcpune.com.Go to the pdf files eg. Circular, Info sheet and ITR-1 Sahaj for AY 2011-12 or12-13. Download the info sheet feel all the information as asked by us. OnlySign the ITR form, don’t write anything on the same. Send the same to us withform-16, proof of savings eg. Hsg loan certificate, LIC, PPF, Pan ACrd Xerox,Details of bankers etc. with our fees through cheque.
 
Qes 25. I got the ITR-V (Acknowledgement) from you by post/by email. What should I do now.
 
Ans:-Sir, this is the Ack ITR-V which is same to everybody (Forincome from Salary, Business, Pvt ltd companies, Firms etc.) for all type of ITreturns.  You will keep the same with you if it submitted by hand with ITO. If it is submitted on line (E-Filled) then one copy of this Ack you will send to the CPC Cebtrer, Bangalore after signature on the same at left hand corner (Sign here) within 120 days by normal post or by speed post only. Address is Income tax Dept. PB No.1, Electronic City, Bangalore (Karnataka)-560100.
 
Qes 26. Lastyear IT return has not filed yet. Can I file now?
 
Ans:- Sir, Filing of IT Return last date is every year is 31st of July. However you can file the return upto next years 31st of March and not even that it can be filed within 2 years latest by next 31st of March, which is not “Time-Bared”. Time-bared returns can be filed but it will not be processed by the ITO as systems does not accept for  processing. Therefore take care and try to file the returns in time every year up to 31st of July and latest by 31st of March.
 
Que 27 :- I have taken Higher Education loan for my son/daughter. I am paying the EMI’s principal and interest. Am I entitle to claim the rebate in repayment of principal and interest?
 
Ans:- Sir, you are entitle to claim the rebate on repayment of higher Education loan “Interest” only u/s 80E and  principal please note. This rebate you can claim in next 8 years.
 
Que 28. “Family Maintenance” per month is being sent to my Family from salary. And Income Tax is being recovered from the same. Is there any Income Tax rebate Can I calim?
 
Ans:-There is no Income tax rebate on the Family maintenance being directly sent /recovered from your salary as per Income Rule. Income shown in credit side of your pay slip is only considered for income tax purpose. In this case you should have represent this matter in the “Court of Enquiry” or Family court whatever it may be.
 
Que 29 :- I am having two housing loans for one house. One is from AGIF having interest rate 9% and another one is from Nationalized bank or other having interest rate 11.75% or so. Should I go for the Final W/D from  DSOP fund and repay the second loan. What will be my loss/profit?
 
Ans:- Sir, Go for final w/d from the DSOP fund and repay the second loan. As we are receiving interest in DSOP fund is 8.86% where as we are paying interest to bank is 11.75% or more. In such cases it is better to repay such type of loans as early as possible. There is no use of prolonging such heavy interest loans, while seeing one side of coin that is savings of Income Tax on repayment of housing loan interest. Income tax maximum you can save is 30% of interest paid by you on a/c of housing loan. It means that you are happy to pay the interest to bankers and unhappy to pay the income tax to Govt.
 
Que 30:- I have read in news paper that whose income is above 10 lakh has to file the returns on line/E-filed. My income will be more than 10 lakh, Will you file my return on line/E-Filed?
 
Ans:- We are providing service to our esteemed clients more than 2 decades. No of rules and Forms have been changed in this period and we tried our best to satisfy our esteemed clients while providing the service. We are going to file the returns on line/E-filed for our clients whose income is above 10 lakh. Who have register themselves for e-filing have to inform us there password or user ID through email so that there won’t any problem for e-filing the return for us.
 
Que 31:-I am receiving interest on my FD’s and Income tax is deducted by the bank. Form-16A is issued. As Income tax is deducted is it require to show the same in IT return? As IT is already deducted.
 
Ans:- Sir, as per the rule bank has to deduct the income tax from the interest paid to you. Bank is deducting only 10% income tax from the interest. If PAN is not given then bank is deduction at the rate 20% IT.  In this case after deducting the IT banker intimates the same to Income tax Dept. how much is interest paid and how much the tax is deducted against your pan. Your income from salary/pension etc is always in 30% bracket. Your tax liability on the interest received by you is also in 30% bracket . therefore it is must to show the interest earned by you on FD’s and Tax deducted by the bank. And you will have to pay the balance income tax through challan before filing the return and have to give the details of income tax paid by you in the IT returns.
 
Que.32:-I have to pay the Income tax demand through challan. How should i do? 
 
Ans:- There are 2 types of making the payment of IT demand one is through challan while making payment in bank. You have to get the Challan No./ITNS 280. Which you will have to fill correctly Asst Year, PAN, Name & Address. Tick-0021 (IT Other than companies) Type of payment if it is before filing the return then Self Asst Tax tick-300. Details of payment fill Income tax and Education Cess. Total amount. Fill in the word. Fill details of cheque No. and date. Sign and fill the Tax payer’s counterfoil also. If you want to make the payment through cheque please write on cheque or cheque should be drawn on  “Yourself Income tax A/c”. Counterfoil will be given by the bank duly stamped. It should be sent by post or through email scan copy or details of challan eg. BSR Code, Date of payment, challan Serial No. and amount. You  can also make the payment on line also through e-banking (Debit/credit card) from your account only. Go to the site of income tax Dept. eg. www.incometaxindia.gov.in payment of income tax through challan ITNS-280 as per above. Instead of cheque you will do it through your e-banking and send the details. So that this date can be filed in the IT retun.

Que.33:-Why is there difference between the Income and the TDS amounts of the Returns filed by you and the amounts on the Form 16 issued by PCDA(o), Pune?
Ans:-  The returns are filed by us not only on the basis of the Form 16 issued to you by CDA(o) but also on the basis of Form 26AS which is downloaded by us from the Incometax Departments site. The Form 26 AS shows all the incomes you have earned such as Salary, Interest from Securities, Rent Income, etc and the TDS deducted on it.Based on this information we add the Income other than salaries to your return and also consider the TDS amount. Due to this there is a difference in the Form 16 issued by PCDA(o) and the Return filed by us.
 
 Que.34:-Identification No. of TRP/Name of TRP/Counter Signature of TRP, what should I write here?  
 
Ans:- Identification No. of TRP/Name of TRP/Counter Signature of TRP is not required. The ITR-V will be accepted.
 
Que.35:-Where should I sign?
 
Ans:- You will write in my capacity as "Individual" and will sign ITR-V in blue ink below the Verification. You will send ITR-V to CPC Centre Bengaluru within 120 days either by "speed post" or "Ordinary post" only without any attachment. You will not send copy to anybody. Not to ITO, GHQ,Pune or to The PCDA (o), Pune or to us also. Please note ITR-V must be without any attachment.
 
Que.36:-The Income tax on the FD is already deducted by the banker, Why are you showing it in my Return and why should I pay the extra Income Tax?
 
Ans:- Bankers are deducting Income tax as per the instructions given by the Govt. Bank deduct the income tax at the rate of 10% only on your FD interest. Balance 20% or 10% in which IT bracket your income falls you have to pay the "Extra" Income tax before filing the IT return on the income earned by you as interest on FD's etc in the Financial Year. If the IT demand or payable Tax is more than Rs.10,000/- you have to pay the interest on demand as penalty. To avoid this penalty in future deposit the Income tax in advance on 15 th of Sept, 15 th of Dec and 15 th March every year. Please note.
We would like to inform you that IT department is receiving the information AIR against your PAN from all over
India. Returns are being filed online and system of IT Department verify the data which they have received through AIR and return filed by us. If there is any discrepancy in the return filed by us and information with them, then you will receive the notice from the IT Department for scrutiny. To avoid the Notice or to receive the refund and any problems later on it is better to file the return correctly as per the AIR. We have tried our best to file the return as per the information given by you as well as received from the AIR in Form-26 AS.
 

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